Shraddha Prime Projects Ltd announces Q1FY25 results

Shraddha Prime Projects Ltd. ("Shraddha Prime" or the "Company") (BSE: 531711), a well-known Mumbai real estate developer, engaged in the development of residential structures, townships and slum redevelopment, announced its results for the quarter ended 30th June 2024.

Commenting on the performance, Mr. Sudhir Mehta, Chairman and Managing Director of Shraddha Prime, said: I am pleased to report that we have achieved significant growth in Q1 FY25. Our revenue increased from INR 29 million in the last year to INR 261 million this quarter, driven by strong demand for our projects across western and central suburban Mumbai. EBITDA improved from INR 9 million to INR 23 million, with a margin of 9%, while our PAT grew from INR 6 million to INR 16 million. Operationally, we saw the number of units sold rise from 42 to 132 units, with collections growing from INR 1,394 lakhs to INR 6,471 lakhs. The total area sold expanded from 17,000 square feet to 72,000 square feet, further solidifying our market position.

We are also excited to announce that we are in the documentation phase for 3 new projects, one of which is in South Bombay (Matunga). With over 8 projects currently under construction, we continue to offer a diverse range of homes, from high-end residences to affordable housing, including slum redevelopment. As we look ahead, we are confident in our capacity to sustain this momentum and deliver value to our stakeholders. I extend my gratitude to our shareholders, customers, and employees for their ongoing support and trust in Shraddha Prime.

Operational Highlights for Q1 FY25:

- Total Units sold in Q1 FY25 is 132 as compared to 42

- The sold area is 72 thousand square feet as compared to 17 thousand square feet last year

- The collections equaled Rs. 6,471 lacs as compared to 1,394 lacs

Source : Equity Bulls

Keywords

ShraddhaPrimeProjects Q1FY25 Q1FY2025 FY2025 ResultUpdate